Electra Partners, the European private equity firm, has finally closed the management buy-out of BWG, the UK and Irish wholesale distribution business, from Pernod Ricard, the French drinks group, for €220m ($222m).

Pernod put BWG up for auction in March last year, as part of its asset disposal programme to reduce debt following its £5.6bn (€8.7bn) joint takeover of Seagram's drinks business alongside Diageo. Private equity firms including ABN Amro Capital, Legal & General Ventures, Mercury Private Equity and Candover have all been linked to the auction.